Union Budget 2015-16: Govt abolishes wealth tax

Wealth tax is computed on the market value of all the assets you own.

The government has abolished wealth tax in its Budget for 20150-16. Wealth tax is computed on the market value of all the assets you own.

Displaying the government's intent on implementing a new indirect tax regime for India, Finance Minister Arun Jaitley on Saturday announced that the proposed Goods and Services Tax (GST) Bill will be implemented from April next year.